The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for The Hongkong & Shanghai Banking Corporation Ltd
SAGILITY · price
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HSBC, acting as security agent for a consortium of 25+ global lenders, has filed a disclosure under SEBI Takeover Code Regulation 29(2) read with 29(4) regarding the encumbrance (pledge) on shares of Sagility India held by promoter group entity Sagility B.V. Sagility B.V. sold 703,000,000 equity shares (~15% of capital) through an offer for sale via stock exchange mechanism on May 27-28, 2025, reducing its stake from 82.39% to 67.38% on a fully diluted basis. As a result, the number of shares under indirect encumbrance fell from ~3,857,129,152 to ~3,154,129,152 shares, still representing 67.38% of Sagility India's paid-up equity capital. The underlying pledge was created on October 14, 2021, well before Sagility's November 2024 listing, and was disclosed in the DRHP/RHP. No new pledge or invocation has occurred; only the quantum of encumbered shares has changed following the OFS.
The promoter group's stake remains comfortably above 50%, so no takeover-trigger concern. However, the fact that nearly 67% of the company is pledged to lenders means any stress in the financing arrangement could have outsized implications for the stock. The OFS itself improves public float and reduces concentration risk, but the headline pledge percentage remains very high.